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Trust Returns - 1041


Don Hughes
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Don, estate and trust returns can be tricky, and state laws may differ from the federal.  If you think it is beyond your current level of expertise, don't hesitate to tell the client that and perhaps recommend someone who is more familiar.  I do lots of 1041s referred to me by attorneys and financial advisors.  (I am not looking for another referral!  I have more work than I can handle.)  At the same time, I refer resident alien and some returns with odd foreign income and a few others to people smarter than I am.  I have done only a few farms and nonprofits and would decline any new ones because I'm just not comfortable with them.  Tax law is so complicated now that I think eventually we'll all have to specialize just like medical people do.

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6 hours ago, Don Hughes said:

Looking for guidance in preparing the 1041, who can I request information from.

Thank you

For starters take some continuing ed courses. Then when you feel confident and competent try a simple one.  Hopefully you will  have an experienced  peer to review it for you.  

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